Items of jewelry such as rings, earrings and pendants generally comprise an outer body portion adapted to be worn by the wearer and an ornamental item such as, for example, a precious stone or other decorative article secured to the front of the body portion for display. The ornamental item is normally fixedly secured to the body portion by, for example, gluing or soldering processes and cannot be easily removed or replaced with other ornamental items. Thus, a consumer desiring jewelry with different ornamental items would have to purchase two or more separate items of jewelry, each having one of the ornamental items. An object of the present invention is to provide a single article of jewelry having two different ornamental items that can be quickly and easily interchanged when desired.